The Adaptive Decision Maker [Paperback]

Demonstrates how decision makers balance effort and accuracy considerations and predict the particular choice of strategy.Arguing that people use a variety of strategies when making judgments and choices, this study demonstrates how decision makers balance effort and accuracy considerations and predicts which strategy will be used in a given situation.Arguing that people use a variety of strategies when making judgments and choices, this study demonstrates how decision makers balance effort and accuracy considerations and predicts which strategy will be used in a given situation.The Adaptive Decision Maker argues that people use a variety of strategies to make judgments and choices. The authors introduce a model that shows how decision makers which strategy a person will use in a given situation. A series of experiments testing the model are presented, and the authors analyze how the model can lead to improved decisions and opportunities for further research.Preface; 1. Adaptive decision behaviour: an introduction; 2. Contingencies in decision making; 3. Deciding how to decide: an effort/accuracy framework; 4. Studying contingent decisions: an integrated methodology; 5. Constructive processes in decision making; 6. Why may adaptivity fail?; 7. Improving decisions and other practical matters; 8. The adaptive decision maker: a look backward and a look forward; Appendix; Footnotes; Bibliography. The Adaptive Decision Maker provides a compelling overview of the empirical results and conceptual framework that the authors have been pursuing in their research program over the last fifteen years. The effort-accuracy framework represents an attempt to shift the research agenda from demonstrations of `irrationality' in the form of heuristics and biases to an understanding of the causal mechanisms underlying the behavior...a significant work for the field of behavioral decision making as a whole. John Carroll, Massachusetts Institute of Technology ...a framework for showil#